US Existing Home Sales - Forex Trading Update

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by: fxsolutions
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Date: Wed, 12 Oct 2011 Time: 2:42 AM
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Joseph Trevisani, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides Forex traders with an overview of currency market activity and news surrounding US home sales on 22nd September 2011.

"Sales of previously occupied homes rose to a five month high in August as 5.03 million houses changed hands. Economists had predicted that 4.75 million would sell.

The 7.7% August increase still leaves the annualized rate well below the 7.25 million peak of September 2005. Since the Lehman bankruptcy and equity crash of September 2008 monthly sales have averaged 5.0 million at an annual rate.

Cash transactions accounted for 29% of total sales, the same as in July. Distressed sales in August, which are foreclosures and short sales, where the bank owner accepts less than the remainder of the mortgage, were 31% of the total up from 29% in July.

The supply of homes on the market dropped to 8.5 months, down from 9.5 months in July and the lowest amount since 8.3 months in March.

The median price slid to $168,300 in August from 171,200 a 1.7% decline."

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